-
Indirect Tax
Our experienced VAT specialists are available to assist companies and entrepreneurs of all industries and sizes in meeting their obligations.
-
Direct Tax
We can help you ensure a bespoke balance between tax compliance and effective tax planning for your special circumstances.
-
Privacy and Data Protection
Our digital risk team is made up of a combination of subject matter experts and technical specialists who can help your business comply with the GDPR.
-
Governance, Risk and Compliance (GRC)
While business goals and strategies evolve, our services support you wherever you are in your business cycle. The digital economy is simultaneously increasing the magnitude of new business opportunities while increasing the difficulty of getting it right.
-
ISO 27001 and ISO 27701
Grant Thornton’s ISO 27001 and ISO 27701 specialists will arrange and oversee the formal audit process.
-
SOC 1,2,3
As a service organization there are many ways to provide assurance to your customers and in turn other stakeholders over your control environment. One of the most effective and cost-efficient ways is to issue a Service Organization Control (SOC) Report.
-
Incident Response
Grant Thornton’s Cyber Incident Response Team can support your business in the event of a cyberattack or data loss event. We work alongside your existing IT and Legal teams to provide a co-ordinated, timely and efficient investigation and remediation.
-
Hacking Services
At Grant Thornton, our cyber security experts can develop a bespoke penetration testing plan to meet your business needs and unique IT environment. We can undertake the full suite of testing or conduct individual assessments, as required.
-
Cyber Health Check
Approximately 54% of organizations report that they have experienced at least one cyber-attack during the past year. Grant Thornton’s cyber health check provides you with an objective, jargon-free assessment of your current cyber security, drawing on both qualitative and quantitative elements.
-
Dark Web Threat Intelligence
We use a variety of dark and deep web monitoring tools that continuously scans illegal sites to discover any mention of your data, ranging from breached security credentials such as usernames and passwords to leaked confidential documents of your company.
-
Digital forensics and electronic discovery
We offer a full suite of digital forensics and data acquisition services in investigations related to cybercrime, disputes, fraud and regulatory investigations.
-
Insolvency
If you're facing a time of personal or corporate financial crisis you need advice from someone who listens, who understands your specific issues and deals with them in a supportive and sensitive manner.
-
Crisis stabilisation and turnaround
In periods of financial distress, management teams often face considerable challenges, with many directors having little or no experience of similar conditions.
-
Operational and financial restructuring
Companies challenged by underperformance often need support in identifying options for financial or operational restructuring. Tapping this type of advice helps them create a stable platform for business turnaround.
-
Accelerated M & A
Even fundamentally sound businesses run into difficulties. Cash flow can come under pressure from the loss of a big client, or a dip in performance can threaten a breach of banking covenants if there is insufficient headroom.
-
Life at Grant Thornton
At Grant Thornton Cyprus, we are taking a holistic approach and reimagining the way we work, continually assessing it and making necessary changes to better support our people.
-
In the community
Unlocking the potential for growth in our local communities.
-
Diversity and inclusion
Diversity helps us meet the demands of a changing world. We value the fact that our people come from all walks of life and that this diversity of experience and perspective makes our organisation stronger as a result.
-
Global talent mobility
One of the biggest attractions of a career with Grant Thornton Cyprus is the opportunity to work on cross-border projects all over the world.
-
Learning and development
At Grant Thornton we believe learning and development opportunities allow you to perform at your best every day.
-
Our values
We are a values-driven organisation and we have more than 56,000 people in over 140 countries who are passionately committed to these values.
Tax and other incentives for the promotion of headquartering
Expansion of the existing income tax exemption of 50% for taking up employment in Cyprus
The Council of Ministers of Cyprus approved, on 10 May, a bill with new tax incentives aimed at attracting foreign talent to Cyprus and encouraging international companies to relocate their headquarters to Cyprus.
Specifically, the bill provides:
- Tax exemption of 50% for employees receiving annual salary in Cyprus that exceeds €55.000. The previous plan required annual salary of €100.000 or more for the 50% exemption to apply.
- The period for which the tax exemption will apply will be 17 years. The previous plan provided for a 10 year period.
- The tax exemption applies from the first year of employment in Cyprus.
- The exemption will apply retroactively to the existing eligible employees with annual salaries over €55.000.
- New and existing employees will benefit from the tax exemption provided that they have lived abroad for a period of 12 consecutive years before the commencement of their employment in Cyprus.
- A two year grace period will be provided to new employees (employment started from 1 January 2022 onward), and a six month grace period will be given to existing ones (employment started during the year 2020 or 2021) in order to qualify for the provisions (i.e. increase their salaries to €55.000 or more) to be eligible for the tax exemption.
Extension of the tax exemption for investment in innovative companies
On 10 March 2022, the Cyprus Parliament voted for an extension of the tax incentives for investing in innovative enterprises, which were introduced in the Cyprus Income Tax law (ITL) in 2017 (Article 9A), until 30 June 2024.
The amending ITL was published in the Gazette on 18 March 2022. The tax incentives aim to boost entrepreneurship, support start-ups in developing innovative products and services and strengthen the Cypriot entrepreneurial ecosystem.
According to the provisions of Article 9A of the ITL, a “qualifying investor” is an individual that makes a “risk-finance investment” in an “innovative small and medium-sized enterprise (SME)” may deduct the costs of the investment from his/her taxable income, subject to the following limitations:
- Percentage limit: The tax deduction is limited to 50% of the investor’s taxable income in the year in which the investment is made, as calculated before allowing this deduction but after allowing deductions for life insurance. premiums and contributions to provident and other approved funds (as per Article 14 of the ITL).
- Annual limit: The total deductible amount may not exceed €150,000 per year.
- Carry-forward: The remaining investment cost not claimed as tax deductible may be carried forward and deducted from the taxable income of the subsequent five years, subject to the aforementioned restrictions.
Increased tax deductions for research and development (R&D) expenses
The Council of Minsters approved also, an enhanced tax deduction of 20% on R&D expenses and will be valid for three years, starting from the 2022 tax year. Thereafter, R&D expenses shall be eligible for a 120% deduction of the actual expenses as a deduction from taxable income.
Digital Nomad Visa Scheme
With its Decision of October 15, 2021, the Council of Ministers approved the introduction of the Digital Nomad Visa Scheme in Cyprus, initially with a ceiling of 100 residence permits to be issued. On March 3 2022, the Council of Ministers increased the ceiling to 500 residence permits.
The “Cyprus Digital Nomad Visa” Scheme allows non-EU and third-country citizens (non-EEA nationals) to perform their work location-independently. It permits them to temporarily reside in Cyprus and work for an abroad registered employer or carry out work for companies and/or clients situated abroad using telecommunications technology.
This Scheme aims to reinforce Cyprus positioning as a digital service hub, which in combination with other benefits offered by Cyprus, will contribute to the development of the country’s business ecosystem and economic growth. The “Cyprus Digital Nomad Visa Scheme” introduction is part of the Strategy for Attracting Businesses for Activities or/and Expansion of their Cyprus Activities.
Revised policy for the issuance of temporary residence and work permits to third country nationals
The Council of Ministers, with its Decision of October 15, 2021, decided to also replace the current policy regarding the issuance of temporary residence and employment permits to employees of existing and new companies of foreign interests registered in the Republic with a new Strategy for Attracting Businesses for Activities or/and Expansion of their Activities in Cyprus.
Eligible Companies
- foreign companies operating in Cyprus or foreign companies wishing to establish presence in Cyprus which have a physical presence in Cyprus
- Cyprus shipping companies
- Cyprus high-tech/innovation companies
- Cyprus pharmaceutical companies or companies operating in the fields of biogenetics and biotechnology.
Main provisions
- a gross monthly salary of minimum €2.500 for employees who have the required academic skills or at least two years of relevant experience
- companies will be able to employ third country nationals as support staff (with gross monthly salary below €2.500) provided that the employment of third-country nationals does not exceed 30% of the total supporting staff
- the maximum number of third country nationals is 70% of the total number of employees in a 5-year period from the date of the inclusion of the company in the Business Facilitation Unit
- the duration of the residence and work permit can be up to three years and will be issued within one month from the application date.
Family Reunification
Immediate and free access to employment will be provided for spouses of third country nationals who have obtained a residence and work permit in the Republic, and who receive a minimum gross monthly salary of €2.500 (not applicable for support staff).
Transformation of the existing Fast Track Business Activation Mechanism into a Business Facilitation Unit
The Business Facilitation Unit will function as the central point of contact for business in order to coordinate and direct all the international companies which are either operating in Cyprus or are interested to operate in the country, as well as for Cyprus companies operating in specific areas of economic activities, such as Cypriot high-tech or innovation companies, Shipping companies, Pharmaceutical companies or companies operating in the Biotechnology and Biogenetics fields.
The Business Facilitation Unit will provide guidance and information on the necessary licenses that are required for a company to operate in Cyprus such as:
- company registration and approval of name
- registration with the Employers’ and Social Insurance Registry
- guidance for the establishment and operation of companies in the Republic
- registration with the Income Tax and VAT Authorities
- facilitation of the process for the issuance of residence and employment permits.
